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Oil surges on weaker dollar

06-01-2011 08:16 BJT

NEW YORK, May 31 (Xinhua) -- U.S. crude oil price surged on Tuesday as the dollar weakened amid expectation of a new bailout for Greece, despite soft U.S. economic data.

Greece still stayed in the focus of the markets. Eurogroup leader Jean-Claude Juncker said on Monday that a new package might be reached soon to help the debt-burdened EU country. The hopes for a new bailout helped the euro rally to a three-week high against the dollar on Tuesday.

As one of the consequences, the dollar index that tracks the dollar performance against a basket of currencies dipped about 0.5 percent. A weaker dollar pushed crude prices up.

Besides, analysts forecasted that at OPEC's next meeting on June 8, the Organization of the Petroleum Exporting Countries would keep the output steady, easing concerns of production increase.

But several U.S. economic reports came in disappointing. Home prices in 20 major U.S. cities declined 3.6 percent on a year-on- year basis in March, according to the Case-Shiller home-price index released by Standard & Poor's, indicating a double-dip risk for the vital housing market.

And the Conference Board said its index of consumer confidence for May fell to 60.8 from a revised 66.0 last month, far below the economists' estimate of 66.5.

Light, sweet crude for July delivery gained 2.11 dollars, or 2. 10 percent to settle at 102.70 dollars a barrel on the New York Mercantile Exchange. In London, Brent crude for July delivery also rose and last traded above 116 dollars a barrel.

Editor:Yang Jie |Source: Xinhua

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